Saudi Aramco buying stake in Hyundai Oilbank

   The Saudi Arabian Oil Company (Saudi Aramco) announced Monday it reached an agreement for its subsidiary Aramco Overseas Company B.V. (AOC) to purchase a 17 percent stake in Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings. 
   The investment is valued at $1.25 billion, Saudi Aramco said in a statement. The agreement also included an option for Saudi Aramco to acquire an additional 2.9 percent stake, Reuters reported. 
   The agreement supports Saudi Aramco’s crude oil placement strategy by providing a dedicated Arabian crude oil outlet to South Korea, the company said. 
   “Saudi Aramco continues to strengthen its position in the downstream sector,” Abdulaziz Al-Judaimi, senior vice president, said in a statement. “This acquisition demonstrates our investment in the highly complex refining sector in Asia and continuous commitment to the region’s energy security and development.”
   Hyundai Oilbank is a private oil refining company founded in 1964. Its major facilities are located at the Daesen Complex, which is a fully integrated refining plant with a processing capacity of 650,000 barrels a day. 
   Saudi Aramco announced a 2018 profit of $111.1 billion, which made it the most profitable company in the world, The New York Times reported.